Konoplyanka, 24, has been the Reds' one and only target on deadline day.
Anfield chiefs have been busy trying to thrash out a deal before 11pm and TV station Russia-24claim the move has been completed.
The reports suggest he will earn £58,000 a week at Liverpool. However, Starsport sources are still to confirm the news.
The deal hinges on Dnipro's billionaire owner agreeing the switch - and the way in which the cash is paid.That has been the main sticking point of a possible transfer.
Konoplyanka impressed for Ukraine against England last year and is highly rated in Europe.
The winger will set Liverpool back around £15m.
Managing director Ian Ayre flew out for talks with Konoplyanka earlier this week over a four-and-half-year deal which is set to go to the wire.
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